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The crypto-ranging market continued today as the price of Ethereum is currently building for a massive move soon! But the direction that move will take is all dependent on if the Ethereum price holds this $4,000 key support on the 4-hour timeframe.
This $4,000 key support has been a major line in the sand dividing the Ethereum bearish market from the bullish market and in this Ethereum analysis, we will be breaking down how important this key level actually is to the Ethereum price chart!
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The $4k Key Support!
The $4,000 price level is currently the most important level to the Ethereum bulls right now. Every time the ETH price has broken below this 4-hour key support, we have seen massive sell-offs in price.
And there is a very high probability that if this bearish breakdown happens again, we might see this sell-off repeat itself on the Ethereum price. This makes the $4k key support the most important key level for the Ethereum bulls to defend at all costs.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see this 4-hour key level continue to hold and be respected by the ETH bulls. As far as the Ethereum price continues to trade above this key level, we will remain bullish on the Ethereum price.
However, a break below this $4k horizontal support only signals doom for the Ethereum bulls and the bullish trend we are expecting to resume in the coming days.
Final Verdict!
The Ethereum price is currently trading at a critical region on the 4-hour timeframe. This key zone is a point of indecision and sideways trading and until the ETH price breaks through this key zone, we might continue to range for a bit.
However, the key support we are watching is the $4k key level o the 4-hour timeframe. The Ethereum bulls need to defend this key support at all costs if we are to remain bullish on the Ethereum price!
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